, Hong Kong

Hong Kong total deposits up 1.4%

The Hong Kong-dollar loan-to-deposit ratio climbed from 78.1% at the end of December to 79.3% at the end of January.

Total deposits with authorised institutions rose 1.4% in January while Hong Kong-dollar deposits rose 0.3%, with the expansion in demand and savings deposits exceeding the decline in time deposits.

According to statistics published by the Monetary Authority on Monday, foreign-currency deposits also climbed 2.7% in January.

Renminbi deposits in Hong Kong grew 17.7% to RMB370.6 billion. The total remittance of the renminbi for cross-border trade settlement increased to RMB108 billion in January from RMB100.9 billion in December.

Total loans and advances expanded 3%. Loans for use in Hong Kong grew 3.4% and loans for use outside Hong Kong rose 1.4%.

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As Hong Kong-dollar loans went up at a faster rate than deposits, the Hong Kong-dollar loan-to-deposit ratio climbed from 78.1% at the end of December to 79.3% at the end of January.

Seasonally adjusted Hong Kong-dollar M1 increased by 7% in January and expanded 13.1% year on year.

Unadjusted Hong Kong-dollar M3 rose 0.9% during the month and increased 9.5% from a year earlier.

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